Mike,

This company is known for selling a plan as objective advice when in
fact they'll recommend products that offer the highest payout.

You can read more at http://www.amexsux.com .

Pete

Mike wrote:
- quote -

While I agree with the general premise that this service is flawed b/c
of the way these guys are compensated and, in the end, I left b/c of
that, I didn't have the terrible experience that others describe.

My guy was nice and pretty smart and he wasn't terribly pushy. Perhaps
the "plan" that he created wasn't worth the price ($750), but for me it
was better than nothing and the experience opened my eyes to start
planning for the future better. I also didn't realize until then the
importance of Disability insurance (which I did purchase from Amex
while I was doing independent contracting).

Anyway, I think it's a bit of a tradeoff. Amex may be better than
nothing, but not as good as other options. I'm probably going to try
to find someone who mainly charges by the hour for their advise since I
don't really want to deal with the conflict of interest issue.

I'd have to agree. Dump the salesmen from basically insurance companies
like AMEX, Met Life, Northwestern Mutual and hire an independent. There
are absolutely tons of them out there - just meet with them and get to
know them and if they expect payment before talking with you - run.

I was speaking with my attorney when doing my will and asked him for a
recommendation which he wouldn't give me - to much risk on his behalf
making that recommendation. I said "should I get a CFP?" and he
laughed. His answer was "What is a CFP an expert at?"

Well I assumed a CFP was a tax expert - nope. Get a CPA or Enrolled
Agent. An insurance expert? Nope - not even licensed to sell it if you
just have the CFP. Investment expert? Nope - having the CFP doesn't
mean they are licensed. Surely they are a finacial planning expert
right? Well what does that really mean? They can now sell you a
financial plan for $500? Surely they are experts at estate planning?
Trust me - get an attorney.

- quote -

you can trust. Find out how they charge (Commissions are fine if you
are buying stocks for the long haul or individual bonds) and how much
they charge.

Look in the phone book in your area - talk to friends and neighbors and
accountants and find someone you have at least a shot at trusting.





BRH <BRH[at]giganews.com> wrote in news:RtmdnbWqMttEgjjcRVn-pw[at]comcast.com:

- quote -


======================================= MODERATOR'S COMMENT:
Please trim the post to which you are responding.

Mike wrote:
- quote -

of a planner just to give me a "sanity check" about where I had my
investments and whether my retirement projections were valid. In
response to a piece of junk mail I received, I contacted AMEX Financial
Services and eventually got talked into paying their fee ($450 at the
time), and received a nicely embossed, computer-generated report that
told me NOTHING other than I should transfer all of my assets into
American Express Financial vehicles.

Like many "planners", they have a basic conflict of interest, in that
they sell in-house financial products while making recommendations on
where you should be putting your money. Where do you think they'll
recommend you should invest yours?

I quickly learned from my mistake and ditched them without giving them
another dime. Don't waste your time.....

I am sure that there will be several posts about how evil AMEX is. Just
realize for all the ads and marketing material you get about them somebody
is paying for it.

Go and find an independent planner instead. Get referrals from people who
know.

"Mike" <michaelloll[at]nospam.hotmail.com> wrote in message
news:Xns95AAEFB488C3BMikeLollXNewsID2004[at]199.45.49.11...
- quote -

Does anyone have experience with American Express Financial Services?
Good, bad?

Sorry for the sparse details, but I'm just trying to gather some
information on them.

Thanks.

--
Mike